Press release on caution against various Co-operative societies using the word Bank in their names (dated – 22.11.2021) – RBI.
View PdfPress release on caution against various Co-operative societies using the word Bank in their names (dated – 22.11.2021) – RBI.
- Members of the public are hereby informed that such societies have neither been issued any licence under BR Act, 1949 nor are they authorized by the RBI for doing banking business. The insurance cover from Deposit Insurance and Credit Guarantee Corporation (DICGC) is also not available for deposits placed with these societies. Members of public are advised to exercise caution and carry out due diligence of such Co-operative societies if they claim to be a bank, and look for banking license issued by RBI before dealing with them, refer attachment for further details.
